Ubis (Asia) Public Company Limited

UBIS.BK

Chemicals - Specialty · Basic Materials

Price

1.40 THB

+0.05 (+3.70%)

Market Cap

399.0M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+15.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 247.5M (2021) → 285.0M (2025)

Ubis (Asia) Public Company Limited, along with its subsidiaries, specializes in the development and distribution of sealing compounds, lacquers, and various coatings. These essential products are utilized in the fabrication of cans and bottle closures for the food, beverage, and wider industrial sectors, serving markets in Thailand, China, and globally. Its client base primarily consists of manufacturers producing a variety of containers, including food cans, aerosol cans, general packaging, as well as caps and other closure systems. The company was founded in 1997 and its corporate headquarters are situated in Bangkok, Thailand.

Winston Score History

Score breakdown

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Quality

Gross Margin

32.1%

Modest — 32.1% gross margin

Operating Margin

4.8%

Thin — 4.8% operating margin

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-1.2%

Shrinking sales (-1.2% YoY)

EPS YoY

+818.8%

Earnings growing fast (818.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

303%

Turns 303% of profit into real cash

FCF Margin

6.3%

Modest free cash flow (6.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

2.59x

Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

13.6x

Attractive valuation — P/E 13.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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